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July 15, 2020 | Uh-Oh: Market Fails to Soar on More Bad News

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

Any time the Dow isn’t up a least 400-500 points, you’ve got to wonder what’s troubling investors. The news environment was favorable, at least by Wall Street’s current, bizarro standard, since the pandemic appears to be raging out of control.  California has locked down tightly for the second time, and because of the state’s outsize impact on the U.S. economy, that too must be regarded as bullish news, since it means the Fed will be stimulating harder than ever to keep the illusory,  financialized part of the economy lookin’ good.  There was hope for working stiffs as well, since their $600 weekly unemployment bonus is about to run out at the end of the month. Their plight will give Democrats and Republicans a rare chance to come together, since buying votes with direct infusions of cash is about as bipartisan as legislation gets. It surely warms the heart to see that there are issues on which Pelosi and Mitch McConnell can agree.

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July 15th, 2020

Posted In: Rick's Picks

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